GMX

Derivatives · Perp DEX · GMX

NetworkDerivativesPerp DEX1 coinsVerified

GMX uses multi-asset liquidity pools (GLP V1, GM V2) where LPs are the counterparty to traders; oracle-based pricing means zero price-impact trades up to pool depth. V2 added isolated-market GM pools.

Multi-asset pool-backed perpetuals with zero price impact.

Protocol TVL

—

+4.6% 24h

Latest data · 15 min delay

Official Docs Website Twitter / X

Overview Metrics Research Asset coverage Risks Competitors AI agent skills

Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (4)

GLP (V1 shared liquidity pool)

GMX V1's multi-asset index pool. A single basket of blue-chip assets and stablecoins that acts as the counterparty to all traders on V1. LPs mint/redeem GLP and earn a share of swap and leverage-trading fees; they collectively take the other side of trader PnL.

GM pools (V2 isolated markets)

GMX V2's per-market liquidity pools introduced in the August 2023 upgrade. Each market (e.g. BTC/USD, ETH/USD, SOL/USD) has its own isolated GM pool with independent parameters and risk, replacing the single shared GLP so that risk from one market does not contaminate others.

Oracle-based pricing engine

GMX prices trades off external oracle feeds (Chainlink plus GMX's own low-latency price feeds in V2) rather than an AMM curve. Traders open/close at the oracle price, historically with zero price impact on V1 — the design that enabled the 2022 AVAX manipulation and that V2 hardened with price impact and funding mechanics.

GMX token, staking and esGMX vesting

GMX is the governance and fee-sharing token; stakers receive a share of protocol fees (in ETH/AVAX) plus esGMX and Multiplier Points. esGMX (escrowed GMX) is a non-transferable reward token that can be staked or linearly vested into liquid GMX over 365 days.

Differentiator

Oracle-priced, pool-backed perps with zero price impact within pool depth; GLP composability across DeFi.

Organizational structure

Units & roles

GMX DAO / GMX token holders
GMX is governed by a pseudonymous core team and its DAO. Protocol changes, treasury use and parameter updates are discussed on the GMX governance forum (gov.gmx.io) and voted on by GMX/esGMX holders.
Governance

Similarity to traditional finance products

How GMX maps onto established TradFi structures, and where it diverges.

TradFi product	Similarity to GMX	Key differences
Futures / perpetual swap exchange (e.g. CME or a CEX derivatives desk)	Offers leveraged long/short exposure to crypto assets via perpetual contracts, with funding-style mechanics and a central price feed.	There is no central broker or matching engine. Traders trade against a pool of on-chain liquidity providers rather than other traders; custody is self-custodial; pricing comes from oracles, not an internal order book.
Market-making / liquidity-provision fund	GLP and GM liquidity providers earn fee income by supplying capital that others trade against, similar to a market maker earning spread and financing.	LPs are fully passive and take the aggregate other side of all trader PnL automatically; there is no active quoting, and returns depend on net trader performance plus fees rather than managed spread capture.

GMX